Whether you are a parent saving for your child’s college tuition, or planning on returning to school, it is crucial to understand the costs associated with college. Depending on your current financial situation or the university, there are some key things to take into account when saving for college. It is best to be prepared for the expenses so you can focus on the education.
Layton Wealth Management provides Utah residents with a number of financial services to help them reach financial goals and increase their wealth. We take a personalized approach with each of our clients and take into account their current financial situation to effectively plan their future. Here is a look at college tuition, some tips on saving, and why our services are great for getting you there.
The Average Cost For College
We have found that on average, public institutions cost $130,000 while private institutions cost $235,000. Though these are the average costs, there are many factors that play a role in tuition. For example, if your student is heading out of state, tuition will increase. Living costs are also a huge factor in college costs.
On top of the tuition and housing, there are many other financial needs. Meals, books, school supplies, and even transportation add to student’s expenses throughout the year. Meals and housing average $10,440 to $11,890 for public and private schools respectively. Every year, students also spend around $1,250 for books and supplies.
Of course, everybody’s life situation is different. Transportation and housing can vary depending on whether you are living on or off campus. Personal items and leisure also has an effect on spending. Things like clothing, entertainment, and personal items are going to affect how much is spent throughout the year. These are expenses that can differ between each person.
The Right Savings Plan
It is important to be aware of the common expenses, but it’s more important to look at your situation and find the best savings plan for your finances. Working with a financial professional at Layton Wealth Management will give you a personalized plan to handle the expenses and save for tuition.
Our professionals sit with you to find the best savings plan to get you to your tuition goals. We typically recommend that you save for a third of the cost, plan for grants and scholarships to cover another third, and then borrow the rest to reduce the overall tuition burden. You can easily reach these goals with the right plan.
Save For College With Layton Wealth Management
If you want to plan your finances for upcoming college expenses, it’s time to work with Layton Wealth Management. We will speak with you and find a savings plan that fits your financial circumstances. If you are ready to set your financial goals be sure to schedule a consultation with us today.